Acid Test Ratio or Quick Ratio – Formula to calculate, importance
Acid Test Ratio or Quick Ratio.The basis for financial analysis, planning and decision making is financial statements which mainly consist of Balance Sheet and Profit
Accounting
Ind AS 23, Borrowing Costs | Difference Between AS 16 & Ind AS 23
Ind AS 23, Borrowing Costs: Borrowing costs that are directly attributable to the acquisition, construction, or production of a qualifying asset form part of the cost
Comparison between Capital Expenditure and Revenue Expenditure
Comparison between Capital Expenditure and Revenue Expenditure, check out difference between capital Expenditure and Revenue Expenditure. Capital Expenditure: This represents expenditure incurred for the purpose
Accounting Estimates – Meaning of Accounting Estimates with example
Accounting Estimates: Earlier we have learned how to measure a transaction, which had already taken place and for which either some value/money has been paid or
Ind AS 40, Investment Property | Recognition | Measurement | Cost
Ind AS 40, Investment Property : The objective of Ind AS 40 is to prescribe the accounting treatment for investment property and related disclosure requirements. Investment property
Features of the Ledger Account, The Features of Ledger Account
Features of the Ledger Account: After recording the transactions in the journal, recorded entries are classified and grouped into by preparation of accounts. The book
Accounting for Not for Profit Organisation, Accounting for Special Items
Accounting for Not for Profit Organisation, Check Accounting for non profit organisations, A Not for Profit Organisation prepares their financial statements in the following form: i)
Double Entry System Advantages & Disadvantages – Full Analysis
Double Entry System Advantages & Disadvantages: Any business transaction involves at least two accounts which we call as Debit and credit. As said above ,
Ind AS 116, Leases: Difference Between AS 19 and Ind AS 116
Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and faithful representation of the transactions by lessees and
Limitations of Accounting, Disadvantages of Accounting (Detailed)
Limitations of Accounting, What are the Limitations of Accounting: Accounting is not fully exact: Accounting is influenced by the personal judgment in respect of various terms.People
Definition of Accounting, What is Accounting, Accounting Meaning
Definition of Accounting: Accounting is used by business entities for keeping records of their monetary or financial transactions. A businessman who has invested money in
Accounting Standard 16 (AS 16) – Accounting for Borrowing Costs
Accounting Standard 16 – Accounting for Borrowing Costs (AS 16). This Standard should be applied in accounting for borrowing costs. This Standard does not deal
Balancing Ledger Accounts, Ledger accounts balancing procedure
Balancing Ledger Accounts: Balancing of an account means the process of equalizing the two sides of an account by putting the difference on the side where
Basic earnings per share & Diluted earnings per share – Detailed
Basic earnings per share & Diluted earnings per share: An ordinary share is an equity instrument that is subordinate to all other classes of equity
What is Debit and credit explained with accounting equation
What is Debit and credit explained with accounting equation. We often come across the words Debit and credit in many situations like while reading accounting
Capital Receipts and Revenue Receipts, Check out Major Difference
Capital and Revenue Receipts: Capital receipts comprise of payments or contributions into the business by the proprietor, partners or companies towards the capital of the firm
Material Requisition – What is?, Meaning, Procedure and Problems
Material Requisition – Meaning, Procedure and Problems. Meaning of Material Requisition, Everything you want to know about Material Requisition. Material requisition may seem like a
Ind AS 28, Investments in Associates and Joint Ventures
Ind AS 28, Investments in Associates and Joint Ventures: The objective of Ind AS 28 is to prescribe the accounting for investments in associates and to
Capital and Revenue Expenditure & Deferred Revenue Expenditure
Capital and Revenue Expenditure & Deferred Revenue Expenditure. Find Everything You want to know about Capital and Revenue Expenditure. Complete Guide of Capital and Revenue Expenditure.
Users of Accounting Information, who can use accounting info
Users of Accounting Information: Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, etc. are
Role of Accountant : Maintenance of Books of Accounts by Accountant
Role of Accountant: An accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization or company’s financial operations.
Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets
Ind AS 37: The objective of Ind AS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and
Double Entry System Definition, Advantages of Double Entry System
Double Entry System of book-keeping has emerged in the process of evolution of various accounting techniques. It is the only scientific system of accounting. According
Petty Cash Book, Imprest System of Petty Cash (Advantages)
Petty Cash Book: Payments in cash of small amounts like traveling expenses, postage, carriage etc. are petty cash expenses. These petty cash expenses are recorded in
Rules of Debit and Credit, Concept of Debit and Credit Entries
Rules of Debit and Credit: The left hand side of an account is called the debit side; while the right hand side is called the
Corporate Frauds and Auditors Responsibility – An Analysis
Corporate Frauds and Auditors Responsibility , The Companies Act, 2013, has introduced several new reporting requirements for statutory auditors. Section 143(12) requires statutory auditors to
What is IASB, FASB, IFRS, Ind AS and US GAAP? with Difference
What is IASB, FASB, IFRS, Ind AS and US GAAP?. Every individual performs some kind of economic activity. A salaried person gets salary and spends
IND AS 36 Impairment of Assets – Applicability, Calculations
IND AS 36 Impairment of Assets: The objective of Ind AS 36 is to prescribe the procedures that an entity applies to ensure that its
Ind AS 34, Interim Financial Reporting | AS 25 Vs Ind AS 34
Ind AS 34, Interim Financial Reporting: The objective of Ind AS 34 is to prescribe the minimum content of an interim financial report and to prescribe
Ind AS 12, Income Taxes | Difference between IndAS 12 and AS 22
Ind AS 12, Income Taxes: IndAS 12 prescribes the accounting treatment for income taxes. For the purposes of this Standard, income taxes include all domestic and